In an unfortunate trend, property fraud is witnessing a concerning rise, posing a threat to homeowners and property buyers alike. The diversity of fraud methods makes everyone susceptible to scams, particularly sole property owners, those with rented or mortgage-free properties, and individuals whose identities have been compromised. Homeowners are at risk as criminals adeptly impersonate various roles to protect your property, including buyers and conveyancers. To safeguard yourself and your home from such threats, it’s important to remain cautious.
Whether you’re a homeowner or in the process of purchasing a property, these tips will help fortify your defences against property fraud. At letting agents UK, we understand the importance of securing your property, and we’ve compiled practical advice to ensure you navigate the complexities of real estate transactions with confidence. Stay informed, be cautious, and protect your property from the ever-changing scenes of fraudulent activities. In this guide, we’ll unfold essential tips and strategies to fortify your defences against potential fraudulent activities.
Check your Property is Registered:
Before acquiring a new property, it’s essential to confirm its registration status. For existing homeowners, a thorough check of the registered details is advisable, with particular attention to personal information accuracy, such as home address and contact details. Safeguard your property further by considering the Land Registry Property Alert monitoring service if you suspect potential fraud. This free service allows you to monitor up to ten properties, providing prompt email notifications in case of suspicious activities, and empowering you to take swift action when necessary. Prioritise the security of your property with these proactive measures.
Register for Anti-Fraud Restriction:
Enhance your property’s security by opting for an anti-fraud restriction. With this precautionary measure, the Land Registry receives immediate notification, preventing any property sale or mortgage registration without the presence of a conveyancer to validate authenticity. This signifies that a dedicated solicitor will verify the legitimacy of the sale, ensuring it aligns with the rightful owner. Opting for an anti-fraud restriction adds an extra layer of protection, assuring you of a diligent authentication process in property transactions. Prioritise the safeguarding of your property with this formal yet humanised approach.
Beware Of Email Hacking:
Stay vigilant against email hacking scams, a sophisticated threat where fraudsters infiltrate your emails, gaining access to correspondence with your conveyancing solicitor. Once inside, they may alter bank details, diverting funds to their accounts. To mitigate this risk, prioritise secure communication methods like phone or face-to-face interactions for sensitive information, including bank details. When in doubt, avoid public Wi-Fi, as it’s more susceptible to hacking. Double-check the accuracy of the provided bank details to ensure a secure transaction. Protect your assets with these precautions, balancing formality with a human touch in safeguarding against evolving cyber threats.
Getting a Rate Bill:
Inform Land & Property Services (LPS) of your property ownership date when your solicitor completes the registration process. This crucial step ensures an accurate assessment of the rate bill for your property. By providing this information promptly, you contribute to a seamless evaluation process, aiding LPS in determining the appropriate rates for your new ownership. Strike a balance between formality and human touch by actively participating in this administrative aspect, ensuring that your property details are up-to-date and facilitating a smooth transition into your role as the property owner.
Research Before Investing:
Beware of the mentality which is getting rich quick, investment schemes that lure you into parting with your money with promises of questionable high returns. From deceptive land banking scenarios to misrepresented buy-to-let opportunities, these scams can lead to financial losses. Prioritise thorough research before making any investment decisions. Exercise caution with attractive mail solicitations, regardless of their appeal. Take the time to scrutinise the legitimacy of the company involved. By combining a human touch with a formal approach, you empower yourself to make informed investment choices and safeguard against potential pitfalls in the financial landscape.
Anti-Fraud Property Alerts from the Land Registry:
Take advantage of the Land Registry’s complimentary property monitoring service if your property is registered. By signing up, you receive email alerts when there’s an application to modify your property register or specific activities on your monitored property. While this service doesn’t automatically prevent register changes, it promptly notifies you, empowering you to take necessary actions. Keep in mind that response time may impact the effectiveness of the alert, emphasising the importance of timely attention. This formal yet humanised approach ensures you stay informed and ready to address any potential alterations to your property details promptly.
I’m Lilly Crawford, a skilled business expert who’s great at making successful plans. I’ve learned a lot from working at Arrow Redstar and Hi Property in the UK, gaining loads of knowledge about sales and how businesses work. I also write helpful articles about business strategies, using what I know to explain things well. I studied Business Studies in college and love sharing useful ideas to help businesses grow.